Gold's Bearish Turn-Around

Have we just formed a double-top in gold? From the looks of it, we have which means that gold prices are likely headed down. We've reached the top of the major trend channel and the last down wave had really large volume, suggesting that supply is entering the market. Today's trading session also had a wide price range, indicating ease of movement, and a close near the low.

Result: Bearish

First level of Support: 1315.48
Target: Can't really say. If this is a complete turn-around, prices can reach the 1000's.